Bitcoin Hits Highest Level in Two Weeks as Big-Money Bets Flow
Bloomberg 3/9/2021 Olivia Raimonde and Joanna Ossinger
(Bloomberg) Bitcoin rallied to a two-week high as a risk-on sentiment returned following selloffs in more speculative corners of the financial market.
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The digital asset rose as much as 5.7% before trimming some gains to trade at $53,747 as of 1:02 p.m. in New York. Ether the world’s second largest cryptocurrency jumped as much as 3.8%. The gains mirror broader risk-on optimism, with the Nasdaq 100 Index recovering from a decline Monday that pushed the tech index to a so-called correction level.
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Bitcoin's rough patch comes amid increased volatility in global markets, as a surge in bond yields heralds growing expectations that growth and inflation are moving higher.